Coronavirus: IOC facing costs of up to $800m following Tokyo Games postponement

The International Olympic Committee (IOC) anticipates incurring costs of up to $800million over the postponement of the 2020 Tokyo Games.

It was confirmed in March the Games would be put back to July 2021 due to the coronavirus pandemic.

The IOC executive board on Thursday approved a financial plan to deal with the crisis months before the Olympics were due to start.

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A mammoth sum of up to $650m will be set aside for the IOC to cover the cost of organising the rescheduled Games.

An aid package of up to $150m for the Olympic movement - including international federations, national Olympic committees and IOC-recognised organisations - has also been approved.

The IOC stated it is "undergoing a deep analysis process to evaluate and assess the impact of the COVID-19 crisis on all of its operations".

IOC president Thomas Bach said: "The Olympic movement is facing an unprecedented challenge.

"The IOC has to organise postponed Olympic Games for the first time ever, and has to help its stakeholders come through this global crisis.

"This new situation will need all our solidarity, creativity, determination and flexibility. We shall all need to make sacrifices and compromises. Extraordinary circumstances call for extraordinary measures.

"This situation requires every one of us to do our part, and this applies to all of us, including the IOC. With today's financial plans, we are addressing these needs."